Using the following, prepare an income statement, a statement of retained earnings, and an income statement for the year ended 12/31/2013.
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ACCOUNTS PAYABLE
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$10,000
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ACCOUNTS RECEIVABLE
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$15,000
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ACCUMULATED DEPRECIATION, EQUIPMENT
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5,000
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ADMINISTRATIVE EXPENSES
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5,200
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CASH
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11,500
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COMMON STOCK
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20,500
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COST OF GOODS SOLD
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25,000
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EQUIPMENT
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20,000
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RETAINED EARNINGS
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700
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SALARIES PAYABLE
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3500
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SALES
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40000
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SELLING EXPENSES
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3,000
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TOTALS
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$ 79,700.00
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$ 79,700.00
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